Port of Los Angeles’ Reduced Annual Budget Will Help Facilitate More than 6,000 Jobs

(SAN PEDRO, Calif.) — The Los Angeles Harbor Commission adopted a budget of $1.1 billion for the Port of Los Angeles’ Fiscal Year 2009/10.

A 1.8-percent decrease over the current fiscal year budget, the Ports budget for the year ahead beginning July 1 will enable the Port to advance capital improvement projects, environmental initiatives and security enhancements even as many port tenants and the global maritime industry continue to feel the impact of the worst economic conditions in generations. “Our approved budget reflects the harsh realities of the global economic recession and the financial challenges facing the Port of Los Angeles and our tenants,” said Geraldine Knatz, Ph.D., the Port’s executive director. “With container volumes expected to fall again in the next fiscal year, we are continuing to advance projects that will produce economic and environmental benefits while preparing us for the eventual economic recovery and the return of higher trade volumes.”

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